Global Top 100 companies by market capitalisation: PwC · | Global Top 100 companies by market capitalisation 11 *2018 figures do not add to 100 due to two companies in the 2018 Global

Global Top 100 companies by market capitalisation

July 2019

PwC | Global Top 100 companies by market capitalisation 2

Contents

Methodology and key contacts

Highlights and trends

36

Complete ranking 1824

Appendices:• Value distribution in calendar year 2018• 10-year comparison 2019 vs. 2009

PwC | Global Top 100 companies by market capitalisation

Methodology and

key contacts


Methodology

• This Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31 March 2019 and compares this with the Global Top 100 list as at 31 March 2018 and 31 March 2009.

• Data sources: Bloomberg with PwC analysis, CBI Insights with PwC analysis.

• Sector classification is based on Industry Classification Benchmark (ICB).

• Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis.

• A company’s location is the country or region where its headquarters are located.

• We allocated dual-listed companies as follows: BHP Billiton (AUS), Royal Dutch Shell (UK) and Unilever (NL).

• The ranking does not compensate for changes in currency exchange rates.

• The distribution of value is based on dividend payments and share repurchases in the calendar year 2018.

• Greater China includes Hong Kong and Taiwan, previously they were presented separately.


Key Contacts

• Peter Whelan UK IPO Lead Partner, PwC UKTel: +44 7770 977 937 [email protected]

• Kennedy LiuCapital Markets Leader, China/Hong Kongand Asia Pacific Partner, PwC HKTel: +852 2289 [email protected]

• Ross Hunter IPO Centre Leader Partner, PwC UKTel: +44 780 291 8885 [email protected]

• Nadja PicardPwC Europe Capital Markets LeaderPartner, PwC GermanyTel: +49 211 981 2978 [email protected]

• David EthridgeUS IPO Services Leader Managing Director, PwC USTel: +1 212 845 0739 [email protected]


Highlights

and trends


Companies

• The market capitalisation of the Global Top 100 companies has increased by 5% since last year, more subdued than 15% growth in 2017/2018. The MSCI World Index remained flat at 45.2, compared to 45.4 last year.

• Microsoft has overtaken Apple to take top position, the first time in eight years that Apple has not been the Global Top 100 number one. Microsoft’s market capitalisation increased by 29% to $905bn, fueled by its transformation into a cloud computing company – compared to Apple’s increase of 5%.

• The top four companies are unchanged from last year. Exxon Mobil returned to the top ten this year, for the first time since 2017, replacing JP Morgan.

• There were no direct entries via IPO this year. The last company to enter the Global Top 100 via IPO was Alibaba in 2014.

Highlights

Sectors

• For the third year in a row, technology was the largest sector in terms of market capitalisation ($5,691bn). However in terms of percentage value increase, the healthcare, telecommunications and consumer services sectors grew by 15% each compared to 6% for technology.

• The worst performing sector was financials, with a 3% decline in market capitalisation, although companies included in the Global Top 100 still managed to do better than the rest of the sector.

• A total of $887bn has been distributed to shareholders by the Global Top 100 companies, mainly in the US. Apple alone distributed $87bn to shareholders in dividends and share repurchases in the calendar year 2018 (vs $31bn distributed in 2017).

• As a point of comparison, in the private company domain, nearly half (48%) of the top 100 unicorns valued at $1bn+ as at 31 March 2019 were from the US, in line with what we see in the Global Top 100. The value of top 100 unicorns grew by 6% to $815bn as at 31 March 2019, consistent with the public companies market capitalisation increase.

Countries

• India featured in the Global Top 100 for the first time since 2009, with the return of Reliance Industries, as well as a new entrant Tata Consultancy. Both companies’ market capitalisation increased due to robust earnings growth coupled with the overall strong domestic market performance.

• Saudi Arabia joined the Global Top 100 this year for the first time with the inclusion of Saudi Basic Industries Corp, boosted by Saudi Aramco’s $69.1bn investment in March 2019 to acquire a 70% majority stake in the company.

• 2019 has not seen much change in the top locations split compared to 2018:

˗ The US still dominates – 54 (the same number as in 2018) out of the Global Top 100 are US companies, with the market capitalisation increasing by $1,105bn (9%).

˗ Greater China, the second largest contributor to the Global Top 100 with 15 companies, saw a decrease of 5% in its total market capitalisation when compared to 31 March 2018, impacted by a growing trade rift between Greater China and the US and its effect on the market sentiment;

˗ the UK comes third with 6 companies (vs. five in 2018).


Total market capitalisation of the Global Top 100 companies as at 31 March 2019

Highlights

• The market capitalisation of the Global Top 100 has increased by 5% since last year.

• Microsoft has overtaken Apple to take the top position.

• Exxon Mobil returned to the top ten this year, replacing JP Morgan.

• The market capitalisation of the largest company has nearly tripled in the last ten years – from $337bn (Exxon Mobil) to $905bn (Microsoft). The gap between the largest and smallest companies has continued to grow, currently at $806bn.

• In 2019 the market capitalisation of the smallest company in the Global Top 100 is over double of its equivalent in 2009 - $99bn vs $40bn.

8,402

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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Total market capitalisation of Global Top 100 companies as at 31 March

337 329417

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725604

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905

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Market capitalisation of top and bottom companies

Number 1 Number 100

Apple

Source: Bloomberg with PwC analysis

Exxon Mobil

PetroChina

Exxon Mobil

Apple

Apple Apple

Apple

AppleApple

Microsoft


Within the top five, Microsoft overtakes Apple as the most valuable public company

Highlights

• Microsoft overtook Apple as the world’s most valuable public company by market capitalisation in November 2018 and continued to lead throughout the first quarter of 2019.

• Apple continues to return significantly more value to the shareholders than any other company—$87bn in 2018 ($31bn in 2017).

• Microsoft has been experiencing a growth in value, fueled by its transformation into a cloud computing company and weathered recent turmoil for technology stocks better than some other companies.

• The 5th placed Berkshire Hathaway lags behind the 4th placed Alphabet by $323bn or 40%. Technology and e-commerce dominate the top end of the rankings at present.

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Apple Alphabet Microsoft Amazon Berkshire Hathaway




Market capitalisation of the Global Top 100 by region

Highlights

• The US continued to see impressive growth in its share of the largest companies in value terms over the past 10 years. The US share of the Global Top 100 market capitalisation rose from 45% as at March 2009 to 63% in 2019.

• Europe dropped from 27% of the Global Top 100 market capitalisation as at 31 March 2009 to 15% in 2019, having 11 companies fall from the list over that period.

• Greater China’s market capitalisation decreased by 4% as at 31 March 2019 versus March 2018. This was impacted by a growing trade rift between Greater China and the US, and its effects on the market sentiment.

• The Rest of the World saw an increase of 22% in its market capitalisation, boosted by the new additions from India, Saudi Arabia, Japan and Brazil in 2019.

3,805

5,170 5,5386,202

6,739

8,052

9,322 9,636

10,928

12,18713,292

2,272

3,311 3,370 2,980 3,3473,997 3,424 2,996 3,031 3,362

3,1811,3191,577 1,819 1,614 1,531 1,364

2,3611,914

2,1863,332

3,197

1,007

1,750 2,250 2,176 1,980 1,606

1,133 1,032 1,293 1,154 1,4050

2,000

4,000

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14,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Mar

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4239 38

41 4347

53 54 55 54 54

31 33 31 27 28 3026 24 22 23

20

11 10 12 11 10 9

12 12 1215

1516 18 19 21 19

14

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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US Europe Greater China Rest of the World


*2018 figures do not add to 100 due to two companies in the 2018 Global Top 100 being in locations that are no longer in the Global Top 100Source: Bloomberg with PwC analysis

The Global Top 100 – Number of companies by country – 2019 vs 2018

Highlights

• The US and Greater China saw no change from last year in the number of companies in the Global Top 100.

• The UK held its position in 3rd place, with six companies, helped by the return of Rio Tinto and AstraZeneca.

• Germany saw the biggest loss with three companies dropping out, including Siemens(having spun off its medical equipment unit, Siemens Healthineers AG), Volkswagen and Allianz.

• India rejoined the Global Top 100 for the first time since 2009, with the return of Reliance Industries, as well as a new entry, Tata Consultancy, reflective of strong domestic market performance.

• Spain dropped out of the Global Top 100 entirely after losing two companies since 2018: Santander, affected by softness in the financials sector, and Inditex, replaced by new entrants.

• Saudi Arabia joined the Global Top 100 this year for the first time with Saudi Basic Industries Corp, boosted by Saudi Aramco’s $69bn investment in March 2019 to acquire a 70% stake in the company.

Location

Global Top 100 2019 Global Top 100 2018

# companies

Market capitalisation

($bn)

Rank by market

capitalisation # companies*


($bn)

Rank by market

capitalisationUnited States 54 13,292 1 54 12,187 1

Greater China 15 3,197 2 15 3,332 2

UK 6 870 3 5 814 3France 5 696 5 4 532 5Switzerland 3 774 4 3 655 4Japan 2 298 6 1 210 11Ireland 2 235 7 2 212 10India 2 233 9 N/A N/A N/ACanada 2 208 10 2 216 9South Korea 1 234 8 1 298 7Belgium 1 169 11 1 222 11Netherlands 1 166 12 1 165 14Germany 1 142 13 4 437 6Australia 1 131 14 2 209 12Denmark 1 128 15 1 123 15South Africa 1 102 16 1 107 17Brazil 1 100 18 1 114 16Saudi Arabia 1 100 17 N/A N/A N/ASpain 0 0 N/A 2 202 13


1) Market capitalisation of companies at 31 March 2018 in the Global Top 100 at 31 March 2019, on a like-for-like basis.2) Greater China includes Hong Kong and Taiwan, previously they were presented separatelySource: Bloomberg with PwC analysis

The Global Top 100 companies – Market capitalisation by country – 2019 vs 2018

Highlights

• The US continues to dominate, increasing its market capitalisation by $1,197bn or 10% on a like-for-like basis and outperforming S&P500 for this period.

• Greater China, the second largest contributor to the Global Top 100, saw a decrease of $135bn (4%) in its market capitalisation total compared to 31 March 2018, impacted by volatility in both Shanghai and Hang Seng indices amidst a growing trade rift between Greater China and the US.

• In Europe, most notably, Switzerland and Franceperformed best, with $119bn (18%) and $74bn (12%) increases, mainly on the overall strength of healthcare and consumer goods stocks. UK companies’ market capitalisation, however, remained largely flat, affected by ongoing Brexit uncertainties.

• The best performing country in relative terms was India, albeit with only two companies in the Global Top 100, which increased India’s market capitalisation by $63bn or 37%. This was supported by the domestic stock market growth of 10% in US dollar terms, as well as robust earnings trends of the individual companies.

• South Korea’s Samsung was one of the worst performing tech stocks in 2018, suffering from a slowing and more competitive smartphone market.

• Belgium’s AB InBev also had a tough 2018, given the unfavorable sector trends.

Location

Change in market capitalisation ofthe current Top 100


2019 ($bn)# companies

2019

Like-for-like market

capitalisation 2018

($bn) (1)($bn) (%)

United States 1,197 10% 13,292 54 12,095

Switzerland 119 18% 774 3 655

France 74 12% 696 5 622

India 63 37% 233 2 170

Ireland 23 11% 235 2 212

Australia 20 18% 131 1 111

Germany 13 10% 142 1 129

United Kingdom 11 1% 870 6 859

Brazil 11 12% 100 1 89

Saudi Arabia 7 8% 100 1 93

Japan 6 2% 298 2 292

Denmark 5 4% 128 1 123

Netherlands 1 1% 166 1 165

Spain N/A N/A N/A - N/A

South Africa -5 -5% 102 1 107

Canada -8 -4% 208 2 216

Belgium -53 -24% 169 1 222

South Korea -64 -21% 234 1 298

Greater China (2) -135 -4% 3,197 15 3,332


Highlights

• For a fourth year in a row, technology was the largest sector in terms of market capitalisation ($5,691bn).

• However in terms of percentage increase, consumer services, telecommunications and healthcare sectors all grew by 15% each, compared to 6% for technology. The technology sector was hit hardest during the sell-off in the final few months of 2018; since then the sector has recovered strongly.

• Only the Global Top 100 companies in the telecommunications, healthcare and financials sectors outperformed their respective sector indices.

• The worst performing sector was financials, with 3% decline in market capitalisation, although financial companies included in the Global Top 100 still managed to do better than the rest of the industry. Financials remain the second largest sector within the Global Top 100 by market capitalisation and number of companies.

1) Industry index performance is based on the MSCI International ACWI Industry Price Index USDSource: Bloomberg with PwC analysis

Sector comparison

Sector

Change in market

capitalisation of current Global

Top 100 2018 -2019 %

Industry index performance 2018-2019(1)

Global Top 100 performance vs Index


2019 ($bn)

Number of companies

20191 Consumer Services 15% 19% Underperformed 2,626 9

2 Telecommunications 15% -4% Outperformed 788 4

3 Healthcare 15% 9% Outperformed 2,729 16

4 Industrials 11% 13% Underperformed 1,020 8

5 Consumer Goods 7% 9% Underperformed 2,326 13

6 Technology 6% 7% Underperformed 5,691 19

7 Oil & Gas 4% 6% Underperformed 1,650 9

8 Basic Materials 2% 13% Underperformed 451 4

9 Financials -3% -10% Outperformed 3,796 18


Highlights

• Siemens fell out of the Global Top 100 as a result of selling a 15% stake through Siemens Healthineers IPO in 2018 - the second biggest IPO in Germany since 2000.

• The healthcare sector has seen the most companies join or return to the Global Top 100 in 2019 with AstraZeneca, Eli Lilly and ThermoFisher Scientific.

• Salesforce.com and Eli Lilly saw the most impressive rise into the Global Top 100 this year, both jumping 61 positions from their respective March 2018 rankings.

• The financials sector had the most companies drop out of the Global Top 100; Allianz, Commonwealth Bank of Australia, Goldman Sachs and Santander Group.

Between 2018 and 2019 the total market capitalisation of the Global Top 100 increased by $1,040bn

*Market capitalisation at 31 March 2018Source: Bloomberg with PwC analysis

108

0

20,035 1,226 1,436938 21,075

0

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10,000

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Global Top 100as at 31 March

2018

Acquired,merged orseparated*

Dropped fromthe Global Top

100*

IPOs and spin-offs

New entries bygrowth and

M&A

Survivors'increase

Global Top 100as at 31 March

2019

Mar

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12 companies 87 companies13 companies

• Siemens

1 company

• Allianz • Ambev SA• Booking Holdings• Bristol-Myers Squibb• British American

Tobacco • Commonwealth Bank of

Australia • General Electric• Gilead Sciences• Goldman Sachs• Industria De Diseno

Textil • Santander Group• Volkswagen

New Entrants• Airbus• Costco• PayPal• Salesforce.com• Saudi Basic Industries• SoftBank Group Corp• Tata Consultancy• Thermo Fisher ScientificReturned to the Global

Top 100• Astrazeneca• Eli Lilly• Petrobras• Reliance Industries• Rio Tinto


Highlights

• Only one of the top ten risers was from outside the United States - Reliance Industries from India.

• Four out of the top ten companies with the largest relative increase were in the healthcaresector (with only AbbVie not on trend).

• Financials accounted for four out of the bottom ten companies with the largest relative decrease - these are all banks.

• The top ten fallers are mainly from the US and Greater China, with notable exceptions of Samsung and AB InBev, which both suffered a tough year in 2018.

• 87 companies from 2018 survived to stay on the list at 31 March 2019, reflecting relatively low churn.

The risers and fallers – The Global Top 100 companies with the largest relative increases and decreases in market capitalisation


Company name Location Sector

Change in market

capitalisation2018-2019 %


2019 ($bn)


2018 ($bn)

Top

ten

riser

s

1 Eli Lilly United States Healthcare 59% 134 85

2 Merck & Co United States Healthcare 46% 215 147

3 Reliance Industries India Oil & Gas 45% 125 86

4 Salesforce.com United States Technology 43% 122 85

5 Abbott Laboratories United States Healthcare 34% 140 105

6 PayPal United States Industrials 34% 122 91

7 Walt Disney United States Consumer Services 32% 200 151

8 Thermo Fisher Scientific United States Healthcare 32% 109 83

9 Mastercard United States Financials 31% 242 184

10 Procter & Gamble United States Consumer Goods 30% 260 200

Top

ten

falle

rs

1 Wells Fargo United States Financials -14% 219 256

2 ICBC Greater China Financials -14% 287 336

3 Citigroup United States Financials -16% 146 173

4 China Construction Bank Greater China Financials -16% 216 259

5 China Petroleum & Chemical Greater China Oil & Gas -17% 102 123

6 DowDuPont United States Basic Materials -19% 120 148

7 AbbVie United States Healthcare -21% 119 150

8 Samsung South Korea Technology -21% 234 298

9 Nvidia United States Technology -22% 109 140

10 Anheuser-Busch InBev Belgium Consumer Goods -24% 169 222


A point of comparison: Top 100 unicorns

Highlights

• Nearly half (48%) of the top 100 unicorns valued at $1bn+ as at 31 March 2019 were from the US, in line with what we see in the Global Top 100.

• Greater China makes up approximately 30% of unicorns in both number and value terms. The gap between Greater China and the US is a lot narrower in the unicorns world, compared to the public companies universe - which should lead to more Chinese companies entering the Global Top 100 in due course.

• Europe is the 3rd largest bloc, with 36 unicorns in total, although far behind US and Greater China. The European country with the largest number of unicorns is the UK, with 16, valued at US$39bn.

• The largest unicorn in the analysis was Chinese internet company Bytedance with a valuation of $75bn. This was after the company secured a $3 billion investment from SoftBank Group Corp in October 2018, which saw it leapfrog Uber to become the most valuable unicorn in the world.

Source: CB Insights with PwC analysis

A unicorn is a privately held startup company valued at over $1bn. As at 31 March 2019, there were 326 unicorns around the world.

$434 $37 $257 $86

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Valuation ($bn) Number of Unicorns

$580 $77 $333 $127

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All unicorns (as at 31 March 2019)

Valuation ($bn) Number of Unicorns


Highlights

• The three largest exits (IPO or acquisition) were of Greater China-based companies: MeituanDianping, Xiaomi, and Pinduoduo. Spotify and Flipkart were the other two top five unicorns to exit in the year to 31 March 2019, both reaching $20bn+ valuations.

• Despite being the largest exit, Greater China-based e-commerce platform Meituan Dianping’smarket capitalisation of $55bn would not have been large enough to enter the Global Top 100 in 2019, as the threshold was $99bn.

• Overall, not surprisingly, most IPOs took place on the US exchanges, reflecting the composition of the unicorns and importance of the US market for technology companies.

• Ride hailing company Uber, which was the 2nd largest unicorn as at 31 March 2019, has since listed on the NYSE, with a market capitalisation of $76bn at IPO, which is still below the smallest public Global Top 100.

• Most new entrants into the top 100 unicorns, ten out of 22, came from the US, followed by Greater China with seven new unicorns and interesting additions from South Korea, India and Indonesia.

Top 100 unicorns – Movements 2018-2019

Source: CB Insights with PwC analysis

140

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Top 100 31 March 2018

Entered the Top 100 Unicorns

IPO Acquisitions Dropped out of Top 100

Top 100 31 March 2019

$770bn $815bn

100 100

22

-15-4

-3

Movements in the top 100 Unicorns(Between 31 March 2018 and 31 March 2019)

United States• Automation Anywhere• Circle Internet Financial• Confluent• Epic Games• Flexport• Lime• Plaid Technologies• Samumed• SmileDirectClub• ToastGreater China• Bitmain Technologies• Cloudwalk• Hello TransTech• Manbang Group• Shanghai Henlius• XPeng Motors• Youxia MotorsOther• Bluehole (KR)• Oyo Rooms (IN)• Roivant Sciences (CH)• Tokopedia (ID)• Woowa Brothers (KR)

NYSE & NASDAQ• DocuSign• Farfetch• GreenSky• Lyft• ModernaTherapeu-

tics • NIO• Pinduoduo• Pivotal Software• Spotify HKEX• Maoyan-Weiying• Meituan-Dianping • XiaomiOther• Adyen (Euronext

Amsterdam)• Avast Software (LSE)• Moderna Mercari

(Tokyo)

• Duo Security (Cisco - $2.4bn)

• Flipkart (Walmart -$20.8bn)

• GitHub (Microsoft -$7.5bn)

• Qualtrics (SAP -$8bn)

• Apttus• Lu.com• Weiying


Complete

ranking


Rank Company name Location Sector Rank +/-

31 March 2019 31 March 2018

Market capitalisation ($bn) Rank

Market capitalisation ($bn)

1 Microsoft United States Technology 2 905 3 703

2 Apple United States Technology -1 896 1 851

3 Amazon.com United States Consumer Services 1 875 4 701

4 Alphabet United States Technology -2 817 2 719

5 Berkshire Hathaway United States Financials 1 494 6 492

6 Facebook United States Technology 2 476 8 464

7 Alibaba Greater China Consumer Services 0 472 7 470

8 Tencent Greater China Technology -3 438 5 496

9 Johnson & Johnson United States Healthcare 1 372 10 344

10 Exxon Mobil United States Oil & Gas 2 342 12 316

11 JP Morgan Chase & Co United States Financials -2 331 9 375

12 Visa United States Financials 8 314 20 246

13 Nestle Switzerland Consumer Goods 6 292 19 246

14 ICBC Greater China Financials -3 287 11 336

15 Walmart United States Consumer Services 1 280 16 264

16 Bank of America United States Financials -3 266 13 307

17 Procter & Gamble United States Consumer Goods 17 260 34 200

18 Royal Dutch Shell United Kingdom Oil & Gas -3 256 15 263

19 Novartis Switzerland Healthcare 8 245 27 211

20 Verizon Communications United States Telecommunications 16 244 36 197

Top 100 global companies 1-20





31 March 2019 31 March 2018



21 Mastercard United States Financials 22 242 43 184

22 Intel United States Technology -1 241 21 243

23 Cisco Systems United States Technology 8 238 31 207

24 UnitedHealth Group United States Healthcare 6 237 30 207

25 Roche Switzerland Healthcare 10 237 35 198

26 Pfizer United States Healthcare 2 236 28 211

27 Samsung Electronics South Korea Technology -13 234 14 298

28 Chevron United States Oil & Gas -3 234 25 218

29 AT&T United States Telecommunications -5 228 24 219

30 Wells Fargo United States Financials -12 219 18 256

31 China Construction Bank Greater China Financials -14 216 17 259

32 Boeing United States Industrials 5 215 37 193

33 Merck & Co United States Healthcare 22 215 55 147

34 Home Depot United States Consumer Services -2 212 32 206

35 China Mobile Greater China Telecommunications 4 209 39 188

36 Ping An Insurance Greater China Financials 2 208 38 190

37 Taiwan Semiconductor Greater China Technology -14 206 23 220

38 Coca-Cola United States Consumer Goods 4 200 42 185

39 Walt Disney United States Consumer Services 12 200 51 151

40 PetroChina Greater China Oil & Gas -14 197 26 212






31 March 2019 31 March 2018



41 Agricultural Bank of China Greater China Financials -8 192 33 202

42 Toyota Japan Consumer Goods -13 191 29 210

43 LVMH France Consumer Goods 5 186 48 156

44 Oracle United States Technology -3 184 41 187

45 Comcast United States Consumer Services 2 181 47 159

46 PepsiCo United States Consumer Goods 3 172 49 155

47 Anheuser-Busch InBev Belgium Consumer Goods -25 169 22 222

48 Unilever Netherlands Consumer Goods 12 166 60 165

49 HSBC United Kingdom Financials -9 163 40 187

50 Kweichow Moutai Greater China Consumer Goods 8 160 58 137

51 Bank of China Greater China Financials -7 156 44 178

52 Netflix United States Consumer Services 11 156 63 128

53 L'Oreal France Consumer Goods 11 151 64 126

54 BP United Kingdom Oil & Gas 5 148 59 134

55 Total France Oil & Gas -2 147 53 149

56 Citigroup inc United States Financials -11 146 45 173

57 McDonald's United States Consumer Services 8 145 65 124

58 SAP Germany Technology 4 142 62 129

59 Abbott Laboratories United States Healthcare 24 140 83 105

60 Philip Morris International United States Consumer Goods -10 138 50 155





31 March 2019 31 March 2018



61 Eli Lilly United States Healthcare - 134 - 85

62 Nike United States Consumer Goods 16 133 78 108

63 BHP Australia Basic Materials 11 131 74 111

64 Adobe United States Technology 16 130 80 106

65 Novo Nordisk Denmark Healthcare 1 128 66 123

66 China Merchants Bank Greater China Financials 7 127 73 114

67 IBM United States Technology -11 126 56 141

68 Reliance Industries India Oil & Gas - 125 - 86

69 Medtronic Ireland Healthcare 6 122 75 109

70 Salesforce.com United States Technology - 122 - 85

71 PayPal United States Industrials - 122 - 91

72 Union Pacific United States Industrials 13 121 85 104

73 AIA group Greater China Financials 15 120 88 102

74 DowDuPont United States Basic Materials -20 120 54 148

75 3M United States Industrials -14 120 61 131

76 AbbVie United States Healthcare -24 119 52 102

77 Broadcom United States Technology 33 119 100 97

78 Amgen United States Healthcare -11 118 67 123

79 Honeywell International United States Industrials -2 116 77 108

80 Accenture Ireland Industrials 7 112 87 103





31 March 2019 31 March 2018



81 United Technologies United States Industrials 10 111 91 101

82 Sanofi France Healthcare 8 110 90 101

83 Thermo Fisher Scientific United States Healthcare - 109 - 83

84 Nvidia United States Technology -27 109 57 140

85 Tata Consultancy India Technology - 108 - 84

86 Royal Bank of Canada Canada Financials -13 108 73 111

87 China Life Insurance Greater China Financials -6 108 81 105

88 Altria Group United States Consumer Goods -19 108 69 118

89 SoftBank Group Corp Japan Telecommunications 18 107 - 82

90 Costco United States Consumer Services 17 107 - 83

91 GlaxoSmithKline United Kingdom Healthcare 8 103 99 97

92 Airbus France Industrials - 103 - 90

93 China Petroleum & Chemical Greater China Oil & Gas -25 102 68 123

94 Naspers South Africa Technology -15 102 79 107

95 Astrazeneca United Kingdom Healthcare - 101 - 87

96 Saudi Basic Industries Saudi Arabia Basic Materials - 100 - 93

97 Petrobras Brazil Oil & Gas - 100 - 89

98 Texas Instruments United States Technology - 100 89 102

99 Toronto-Dominion Bank Canada Financials - 99 84 104

100 Rio Tinto United Kingdom Basic Materials - 99 - 90


Appendices

• Value distribution in calendar year 2018• Ten-year comparison 2019 vs. 2009 25


Value distribution in

calendar year 2018

Highlights

• Apple distributed $87bn to shareholders in dividends and share repurchases in 2018—an increase from the $31bn distributed in calendar year 2017.

• A total of $887bn has been distributed to shareholders by the Global Top 100 companies in the calendar year 2018.

• US companies, representing 54 of the Global Top 100 companies, accounted for $633bn of the total value distribution.

• Companies in the technology sector distributed the highest total amount of $237bn (2017: $124bn) to shareholders, followed by companies in the financials sector which returned a total of $196bn (2017: $159bn).


1. Actual payment in calendar year 20182. Actual payment in calendar year 20173. Market capitalisation as at 31 March 2019* 2018 and 2017 numbers are of those companies in the Global Top 100 at 31 March 2019Source: Bloomberg with PwC analysis

Top 10 companies as at 31 March 2019 with highest value distribution in 2018

Company


31 March 2019 ($bn)

Dividends 2018

($bn) (1)Share buyback

2018 ($bn) (1)

Total value distribution 2018

($bn) (1)


($bn) (2)% of total

distribution 2017

Dividend as % of

market capitalisation (3)

Total value distribution as

% of marketCapitalisation (3)

Apple 896 14 73 87 31 10.06% 1.53% 9.69%

JP Morgan 331 10 20 30 24 3.49% 3.05% 9.08%

Wells Fargo 219 9 21 30 19 3.47% 4.24% 13.65%

Bank of America 266 7 21 28 18 3.23% 2.59% 10.50%

Cisco Systems 238 6 18 24 9 2.74% 2.51% 9.94%

Amgen 118 4 18 21 6 2.47% 2.97% 18.07%

Microsoft 905 13 9 21 22 2.47% 1.40% 2.35%

Pfizer 236 8 12 20 13 2.37% 3.38% 8.66%

Citigroup 146 5 15 20 18 2.27% 3.45% 13.46%

Intel 241 6 11 16 16 1.90% 2.29% 6.79%



Value distribution by location in 2018

LocationNumber of

Companies

MarketCapitalisation 31

March 2019($bn)

Dividends2018

($bn) (1)

ShareBuyback

2018 ($bn) (1)

Total value distribution

2018 ($bn) (1)

Total value distribution

2017 ($bn) (2)

% of total distribution

2017

Dividend as % of market

capitalisation (3)

Total value distribution as

% of marketCapitalisation (3)

United State 54 13,292 242 392 633 445 71.4% 2.1% 5.3%

Greater China 15 3,197 88 0 88 58 9.9% 3.3% 3.3%

United Kingdom 6 870 47 6 54 42 6.0% 5.2% 6.2%

Switzerland 3 774 22 0 22 25 2.4% 2.8% 2.8%

France 5 696 16 1 18 15 2.0% 2.4% 2.3%

Japan 2 298 6 5 11 16 1.2% 1.7% 2.9%

Ireland 2 235 4 5 9 10 1.0% 1.8% 3.8%

South Korea 1 234 9 0 9 6 1.0% 4.0% 4.0%

India 2 233 2 0 2 2 0.3% 1.0% 2.0%

Canada 2 208 8 0 8 8 0.9% 3.8% 3.9%

Belgium 1 169 7 0 7 8 0.8% 3.9% 3.9%

Netherlands 1 166 5 7 12 11 1.4% 3.2% 7.5%

Germany 1 142 2 0 2 2 0.2% 1.4% 1.4%

Australia 1 131 5 0 5 3 0.6% 4.0% 4.0%

Denmark 1 128 3 0 3 3 0.3% 2.4% 2.4%

South Africa 1 102 0 0 0 0 0.0% 0.3% 0.4%

Saudi Arabia 1 100 3 0 3 3 0.4% 3.2% 3.2%

Brazil 1 100 1 0 1 0 0.1% 0.8% 0.8%



Value distribution by sector in 2018

LocationNumber of companies


31 March 2019 ($bn)

Dividends 2018 ($bn) (1)

Share buyback 2018 ($bn) (1)


($bn) (1)


($bn) (2)% of total

distribution 2017

Dividend as % of market

capitalisation (3)

Total value distribution as %

of market capitalisation (3)

Technology 19 5,691 74 164 237 124 26.7% 1.6% 4.1%

Financials 18 3,796 107 88 196 159 22.1% 3.1% 5.2%

Healthcare 16 2,729 73 58 131 96 14.8% 2.7% 4.9%

Consumer Services 9 2,626 20 31 51 57 5.7% 1.1% 2.8%

Consumer Goods 13 2,326 65 28 94 99 10.5% 2.9% 4.1%

Oil & Gas 9 1,650 65 3 68 50 7.7% 3.9% 4.0%

Industrials 8 1,020 17 33 50 39 5.6% 1.6% 4.7%

Telecommunications 4 788 33 1 33 41 3.8% 3.7% 3.7%

Basic Materials 4 451 17 10 28 14 3.1% 3.9% 6.3%

Total 100 21,075 471 416 887 678 100%


10-year comparison

2019 vs. 2009

Highlights

• 53 companies from the 2009 Global Top 100 survived to be in the list on 31 March 2019.

• Between 2009 and 2019 there were 67 new entrants to the Global Top 100.

• Between 2009 and 2019 the total market capitalisation of the Global Top 100 increased by $12,672bn.

• The two main risers since 2009 are Amazon.com and Apple. Microsoft and Alphabet come next. All are US companies.

• The threshold to enter the Global Top 100 in 2019 was $99bn market capitalisation. In 2009, $40bn was sufficient.

• Three industries show significant growth in their market capitalisation since 2009: industrials (+494%), technology (+434%) and consumer services (+338%).

• The utilities sector (four companies in 2009) has been absent from the Global Top 100 for seven years.


Spread of market capitalisations in the Global Top 100

0

5

10

15

20

25

30

35

40

45

<US$50bn US$50bn–US$75bn US$75bn–US$100bn US$100bn–US$150bn US$150bn–US$200bn US$200bn–US$250bn US$250bn–US$300bn >US$300bn

No.

of c

ompa

nies

Spread of companies by market capitalisation (2019 vs. 2009)

Number of Top 100 companies in 2019 Number of Top 100 companies in 2009


• 73 companies of the Global Top 100 had a market capitalisation less than $100bn as at 31 March 2009

• 5 companies of the Global Top 100 had a market capitalisation less than $100bn as at 31 March 2019

• The average market capitalisation as at 31 March 2009 was $84bn, while the average market capitalisation as at 31 March 2019 was $210bn


Global Top 100 companies per location – Absolute market capitalisationchange 2019 vs. 2009

(1) Market capitalisation of companies as at 31 March 2009 in the Global Top 100 at 31 March 2019(2) Greater China includes Hong Kong and Taiwan, previously they were presented separatelySource: Bloomberg with PwC analysis

LocationChange in market capitalisation of the

current Global Top 100 ($bn)

Global Top 100 2019 Global Top 100 2009

Rank


2019 ($bn) # companies

Like-for-like market capitalisation

2009 ($bn)1 Rank


($bn) # companies

United States 9,837 1 13,292 54 3,455 1 3,805 42

Greater China2 1,959 2 3,197 15 1,238 2 1,319 11

United Kingdom 343 3 870 6 527 3 715 9

Switzerland 427 4 774 3 347 8 347 3

France 424 5 696 5 272 4 481 7

Japan 176 6 298 2 122 5 366 6

Ireland 181 7 235 2 53 - - -

South Korea 173 8 234 1 61 21 61 1

India 175 9 233 2 58 16 47 1

Canada 137 10 208 2 70 12 41 1

Belgium 125 11 169 1 44 13 44 1

Netherlands 108 12 166 1 58 19 59 1

Germany 98 13 142 1 44 6 299 5

Australia 13 14 131 1 118 12 118 1

Denmark 99 15 128 1 30 - - -

South Africa 95 16 102 1 7 - - -

Saudi Arabia 67 17 100 1 33 - - -

Brazil -24 18 100 1 123 7 234 3

Spain - - - - - 11 149 2

Russia - - - - - 10 134 2

Italy - - - - - 17 77 1

Norway - - - - - 20 56 1

Mexico - - - - - 18 45 1

Finland - - - - - 15 44 1


Global Top 100 companies per location – Relative market capitalisation change 2019 vs. 2009 – compared to national stock market index performance

* Price change of the local main index per locationSource: Bloomberg with PwC analysis

Location

% market capitalisation change

2009-2019% index change

2009-2019*Global Top 100 vs. national index performance

2019 2009

Market capitalisation of current Global Top 100 ($bn)

Market capitalisation of current Global Top 100 ($bn)

United States 276% 255% ▲Outperformed 13,292 3,536

China 123% 57% ▲Outperformed 2,662 1,193

United Kingdom 65% 68% ▼Underperformed 870 527

Switzerland 123% 121% ▲Outperformed 774 347

France 156% 139% ▲Outperformed 696 272

Hong Kong 88% 111% ▼Underperformed 329 175

Japan 144% 135% ▲Outperformed 298 122

Ireland 340% 124% ▲Outperformed 235 53

South Korea 283% 113% ▲Outperformed 234 61

India 304% 192% ▲Outperformed 233 58

Canada 196% 74% ▲Outperformed 208 70

Taiwan 431% 124% ▲Outperformed 206 39

Belgium 285% 77% ▲Outperformed 169 44

Netherlands 187% 115% ▲Outperformed 166 58

Germany 225% 139% ▲Outperformed 142 44

Australia 11% 77% ▼Underperformed 131 118

Denmark 334% 26% ▲Outperformed 128 30

South Africa 1394% 80% ▲Outperformed 102 7

Saudi Arabia 199% 88% ▲Outperformed 100 33

Brazil -19% 70% ▼Underperformed 100 123


The risers – The ten Global Top 100 companies with the largest absolute increase in market capitalisation 2019 vs. 2009


Change in market capitalisation 2009-2019

($bn)Market capitalisation

2019 ($bn)Market capitalisation

2009 ($bn)

1 Amazon.com United States Consumer Services 843 875 31

2 Apple United States Technology 802 896 94

3 Microsoft United States Technology 742 905 163

4 Alphabet United States Technology 707 817 110

5 Tencent Greater China Technology 425 438 13

6 Berkshire Hathaway United States Financials 360 494 134

7 Facebook United States Technology 394 1 476 812

8 Alibaba Greater China Consumer Services 304 1 472 1682

9 Visa United States Financials 272 314 42

10 JP Morgan United States Financials 232 331 100

1. Change in market capitalisation from IPO date2. Market capitalisation at IPO dateSource: Bloomberg with PwC analysis


The risers – The ten Global Top 100 companies with the largest relative increase in market capitalisation 2019 vs. 2009


Market capitalisation var. 2009-2019

(%)

Market capitalisation 2019 ($bn)

Market capitalisation 2009($bn)

1 Netflix United States Consumer Services 6,081% 156 3

2 Tencent Greater China Technology 3,187% 438 13

3 Salesforce.com United States Technology 2,937% 122 4

4 Amazon.com United States Consumer Services 2,679% 875 31

5 Nvidia United States Technology 1,934% 109 5

6 DowDuPont United States Basic Materials 1,443% 120 8

7 Naspers South Africa Technology 1,394% 102 7

8 Adobe United States Technology 1,060% 130 11

9 Mastercard United States Financials 1,015% 242 22

10 Airbus France Industrials 988% 103 9



Sector comparison 2019 vs. 2009


SectorMarket capitalisation 2019

($bn)Number of companies

2019

Change in market capitalisationof current Global Top 100

2009-2019

Industry index performance 2009-2019 (1)

Index outperformance

1 Technology 5,691 19 434% 352% ▲Outperformed

2 Financials 3,796 18 224% 123% ▲Outperformed

3 Healthcare 2,729 16 213% 210% ▲Outperformed

4 Consumer Services 2,626 9 338% 257% ▲Outperformed

5 Consumer Goods 2,326 13 137% 216% ▼Underperformed

6 Oil & Gas 1,650 9 17% 27% ▼Underperformed

7 Industrials 1,020 8 494% 185% ▲Outperformed

8 Telecommunications 788 4 86% 44% ▲Outperformed

9 Basic Materials 451 4 114% 70% ▲Outperformed

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Global Top 100 companies by market capitalisation: PwC · | Global Top 100 companies by market capitalisation 11 *2018 figures do not add to 100 due to two companies in the 2018 Global